Question
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $100,800. The ending inventory, valued at year-end
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $100,800. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below:
| Year-end | Ending inventory at year-end costs | Cost Index | |||||
| 2021 | $ | 128,520 | 1.05 | ||||
| 2022 | 146,520 | 1.10 | |||||
| 2023 | 156,960 | 1.20 | |||||
What inventory balance should Badger report on its 12/31/2021 balance sheet?
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Advanced Level Audit And Assurance Q And A 2020
Authors: ACA Simplified
1st Edition
B08924C516, 979-8648590489
